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Walmart share gains and improving profitability support growth outlook - Goldman Sachs

Published 02/21/2024, 08:48 PM
Updated 02/21/2024, 08:48 PM
© Reuters

Goldman Sachs reiterated its Buy rating and $193 per share price target on Walmart (NYSE:WMT) following the retailer's latest earnings results.

The bank said the company's share gains and improving profitability support its growth outlook.

"WMT closed up +3.2% (vs the S&P 500 at -0.6%) after strong 4Q results and FY24 guidance tracking slightly better than expected," analysts at Goldman Sachs stated.

"We believe WMT is well positioned to continue to drive solid earnings growth over the coming year, supported by market share gains," the firm added.

Analysts also noted the company's "compelling proposition for value and convenience." They see its profitability profile improving with the growth of higher-margin businesses and productivity gains.

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